Piyush Goyal, India's Minister of Commerce and Industry, stated at a conference that India will launch its own digital currency. He emphasized that this digital currency would be backed by the government or central bank and asset-backed. Goyal also warned the public to be wary of cryptocurrencies that are "not asset-backed" and stated that the government does not encourage their use. Previously, the Reserve Bank of India (RBI) announced plans to issue a central bank digital currency (CBDC) in fiscal year 2023 (starting in April 2022) to improve the efficiency of monetary management and reduce administrative costs. (ANI)